The NASDAQ100 weekly finished up almost 5%. Stocks continue to price higher based on government tax hikes and ongoing overspending. Q4 2012 results are due starting mid January – this should be entertaining. The MACD has hooked, but still shows bearish. We could be in for some new twelve year – yes twelve year highs if markets find enough momentum next week to push higher. Channel resistance has been broken – bullish. The endless streams of bad news and political action-less banter continues out of Washington and Europe – Spain is now emptying their pensions to buy back their debt – in short, no more German bailouts – and the markets climb higher. The 8 period moving average has hooked up – bullish. Once this push up end, we expect a substantially bigger drop to follow as Q4 reporting takes effect. The first line of support that should break in January is near 2900.